There's One Last Economic Report To Watch This Week

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At 9:55 a.m. ET, we'll get the final July reading of consumer sentiment as measured by the University of Michigan.

The headline index is expected to tick up to 84.0 from the preliminary number of 83.9.

"After reaching recovery-to-date high of 84.5 in May, the index fell marginally, to 84.1 in June and 83.9 in early July," noted High Frequency Economics' Jim O'Sullivan. "The index probably started rising agin in late July, helped by the bounceback in equities and ongoing improvement in the labor market."

"The University of Michigan consumer sentiment index has been trending higher, consistent with an improving labor market," said UBS's Kevin Cummins. "The latest data for early July show the lowest proportion of consumers reporting hearing unfavorable news on unemployment since July 2007. Those positive perceptions likely continued into late July."

Both O'Sullivan and Cummins expect the headline number to come in at 84.5, which is significantly above the consensus.